Serban’s Crypto Picks: November update

Ever since August we’ve managed to keep our account stable, holding our spot and hedging with shorts where necessary. The market has dropped about 20% since then and only recovered slightly, with major volatility over the last few months.

We have been Spot sidelined for the majority of Q3, but we are currently seeing a bit of relief for BTC and in turn, the whole market following it closely, as BTC still sets the tone for the whole crypto market.

Similarly, crypto market cap has very closely followed the SPX index, a strong correlation that is showing this industry is not yet mature enough to be independent from traditional markets, though it’s clearly on its way there.

The overall macroeconomic and geopolitical conditions continue to create poor trading conditions for crypto investments; we are trading rather short term for now, exiting our positions when the market gets tougher and following the weekly trends to buy back lower when possible.

We expect another downturn towards the end of the year, which is most likely the bottom signal that we are waiting for in order to invest more heavily and open some long term positions.